Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.
Some of the key events about Commodity Futures Trading Commission
- 1974Established as an independent agency to regulate commodity futures and options markets
- 1974Failed to prevent the Hunt brothers' attempt to corner the silver market, leading to market instability
- 1982Granted authority to regulate foreign exchange trading
- 1987Inadequate oversight contributed to the "Black Monday" stock market crash
- 1992Gained oversight of off-exchange retail foreign exchange contracts
- 1992Insufficient regulation allowed rogue trader Nick Leeson to cause the collapse of Barings Bank
- 2000Authorized to regulate over-the-counter derivatives trading
- 2000Lack of authority to regulate over-the-counter derivatives contributed to the Enron scandal
- 2002Implemented new regulations to enhance market transparency and prevent fraud
- 2008Expanded enforcement efforts during the financial crisis to protect investors
- 2008Insufficient oversight of credit default swaps played a role in the global financial crisis
- 2010Received expanded authority under the Dodd-Frank Act to regulate swaps markets
- 2010Delayed implementation of Dodd-Frank Act provisions, slowing financial reform
- 2012Implemented position limits to prevent excessive speculation in commodity markets
- 2012Failed to detect and prevent the MF Global bankruptcy, resulting in $1.6 billion in missing customer funds
- 2014Inadequate oversight allowed manipulation of foreign exchange markets by major banks
- 2015Introduced new rules to enhance cybersecurity in futures markets
- 2018Criticized for weak enforcement actions against spoofing in futures markets
- 2020Adopted final rules to improve swap data reporting and enhance market transparency
- 2020Faced scrutiny for delayed response to negative oil futures prices during the COVID-19 pandemic
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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